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AI Startup Investments Reach Record $24B in Q2, Driving Global Technology Race

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Investments in artificial intelligence (AI) startups surged to $24 billion from April to June, more than doubling from the previous quarter, according to data from Crunchbase, highlighting the growing appetite for the new technology.

Overall startup funding grew 16% sequentially to touch $79 billion in the last quarter, primarily driven by investments in AI, which became the largest sector for the first time, followed by healthcare and biotech.

The runway success of OpenAI’s ChatGPT has unleashed a race to adopt the latest AI technology in areas such as business productivity, healthcare, and manufacturing. Investors and Big Tech firms, however, say that meaningful gains from their massive investments in AI will only…

Saudi Businessman Seeks $2.7B for Samir Refinery Debt Collapse, Morocco

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Areal picture of SAMIR before its closer in 2015. Source: alarabiya.

Rabat – Saudi Businessman, Mohammed Al Amoudi, is claiming $2.7 billion in compensation following the liquidation of Samir, Morocco’s sole oil refinery, which financially collapsed in 2015 under a crushing debt due to mismanagement.

The news comes following the closure of the arbitration procedure at the International Centre for Settlement of Investment Disputes (ICSID) in 2018.

A source told Morocco World News (MWN) that the country has not yet responded to the claims and is awaiting the verdict from the ICSID.

Morocco has not yet given its official position, the source stressed.

Initiated by Al Amoudi’s Corral Morocco Holding, a subsidiary of his Swedish group, the arbitration sought $2.7 billion in damages, citing violations of protections granted under the 1990 bilateral investment treaty between Sweden and Morocco.

The ICSID, an arm of the World Bank, concluded the arbitration in accordance with its regulations, potentially setting the stage for further legal battles.

Samir’s financial woes date back nearly a decade, with the refinery accruing around 40 billion dirhams ($4 billion) in debt. Of this, 40% is owed to the state through the Customs Administration, while the remainder is divided among Moroccan and international banks.

Banque Populaire alone holds 2 billion dirhams ($200 million) of this debt. The Casablanca commercial court had previously implicated Al Amoudi and Samir’s former management in the financial collapse and extended the refinery’s judicial liquidation.

The refinery ceased operations in 2016 and has since been under judicial oversight, with activities continuing under the supervision of a trustee and a supervisory judge.

Two Men Arrested for Atlantic City Cell Phone Store Burglary, US

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Atlantic City, NJ – The Atlantic City Police Department has arrested two men in connection with a burglary at a cell phone store on Atlantic Avenue.

On July 5, 2024, at 6:41 AM, patrol officers responded to Metro by T-Mobile in the 1400 block of Atlantic Avenue following a report of burglary and theft. The suspects had entered the store while it was closed and stolen numerous cell phones and other items.

During the investigation, Sergeant Darrin Lorady and Detectives Brian McKinney, Sandra Lino-Melo, and Wahab Malik conducted a traffic stop in the 300 block of North Carolina Avenue. The vehicle, a ride share, had two occupants, Scott Sewell and Keith Faulkner, in the rear. Both men were arrested after detectives recovered a bag containing cell phones and other merchandise from T-Mobile.

These charges are accusations, and both defendants are presumed innocent until proven guilty in a court of law.

Moroccan Taekwondo Star Qualifies for Paris Olympics Amid Dispute, Morocco

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The Court of Arbitration for Sport (CAS) has approved the Moroccan athlete’s qualification for the Paris Olympics after Korean taekwondo athlete Mi Reu Kang disputed her eligibility.

Rabat – Moroccan taekwondo prodigy Oumaima El Bouchti clinched her ticket to the upcoming Paris Olympics, scheduled to be held from July 16 to August 11.

Competing in the -49kg weight division, El Bouchti earned the second qualification position based on the latest global rankings following the withdrawal of her category from Olympic qualifications in the Oceania region.

The World Taekwondo Federation’s decision to validate El Bouchti’s qualification was upheld by the Court of Arbitration for Sport (CAS) following a challenge by Korean taekwondo athlete Mi Reu Kang, who had disputed the Moroccan’s eligibility despite being ranked ninth in the world.

Driss El Hilali, President of the Royal Moroccan Taekwondo Federation, stressed that El Bouchti’s qualification, along with that of her compatriot Fatima Zahra Abou Fares, was confirmed after thorough verification of all required documentation.

This validation process was not without controversy, as the Korean delegation disputed El Bouchti’s right to qualify after a change in weight category.

Oumaima El Bouchiti changed her weight category after the closure of the Olympic qualification list, where she held the eighth global rank, surpassing her Korean counterpart, El Hilali said in an interview with MAP, Morocco’s official press agency.

El Bouchti has amassed an impressive array of accolades in recent years, including silver medals from both the African Games and the Islamic Solidarity Games.

She is also a two-time gold medalist at the African Taekwondo Championships.

At the 2021 African Taekwondo Championships in Dakar, Senegal, El Bouchti clinched the gold medal in the women’s 49 kg category.

Subsequently, she competed in the same weight category at the 2020 Summer Olympics in Tokyo, Japan, where she lost her first match to South Korea’s Sim Jae-young.

In another good news for the Moroccan taekwondo scene, Fatima Zahra Abou Fares secured her ticket to the 2024 Paris Taekwondo Olympics, following her victory in the final of the Olympic qualifying tournament held in Senegal. She defeated Guinea’s Ayong Veronica by two rounds to zero (2-0) in the over 67 kg category.

France Soccer Coach Deschamps Amidst Rising Far-Right Tensions

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Headline: France Coach Didier Deschamps Steers Clear of Political Storm Ahead of Euro Semifinal

In a rare moment of respite, Didier Deschamps addressed the media with ease as his France team gears up to face Spain in the Euro semifinals. Despite players openly criticizing the far-right movement, Deschamps expertly navigated questions about the team’s performance and upcoming match. The coach found himself relieved to discuss topics like Kylian Mbappé’s fitness rather than fielding potentially contentious inquiries about politics.

Several members of the French squad, including Marcus Thuram, Jules Koundé, and Ibrahima Konaté, have spoken out against the rise of the far right in France. Thuram emphasized the need to combat the threat, while Koundé and Konaté urged unity and rejection of division. However, Deschamps was spared these politically charged discussions as the media focused on more football-related matters ahead of the crucial semifinal clash against Spain.

The only instance of tension arose when a Swedish journalist questioned Deschamps about France’s lack of goals from open play, hinting that the team might be considered as somewhat dull. Despite reaching the semifinals without such goals, Deschamps remained composed and unruffled, demonstrating his adeptness in handling even the trickiest of inquiries.

As France navigates through a high-stakes soccer tournament and a politically charged environment, Deschamps continues to show his leadership abilities both on and off the field. With the spotlight intensifying on the team, the coach’s ability to strike a delicate balance between sport and politics remains a crucial aspect of France’s journey in the European Championship.

Rescue Efforts Continue After Russian Missile Strike on Kyiv Children’s Hospital, Ukraine

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First responders spent the night in Kyiv digging through the rubble at the children’s hospital and other sites struck by Russian missiles on Monday, Ukrainian President Volodymyr Zelenskyy said.

The rescue operation after yesterday’s Russian missile attack continues, he said on social media on Tuesday. As of now, 38 people have been reported dead, including four children. My condolences to all the families and friends affected by this tragedy.

At least 94 children, including eight who were injured, were transferred to other hospitals following the missile strike on the Okhmatdyt Children’s Hospital in Kyiv, Mayor Vitali Klitschko said on the messaging app Telegram.

The wide-ranging aerial assault on Monday came on the eve of a NATO summit in Washington, D.C. As rescue work in Kyiv continued, officials with NATO countries and other Ukrainian allies issued scathing remarks criticizing Russia for its horrendous and barbaric strikes.

Secretary General Jens Stoltenberg condemned Russia’s action, describing the strikes as horrendous missile attacks against Ukrainian cities, killing innocent civilians including children.

NATO members will make decisions during the Washington summit about how to strengthen the alliance’s support for Ukraine, according to a press release from Stoltenberg’s office.

President Joe Biden said on Monday that the fatal missile strikes in Ukraine were a horrific reminder of Russia’s brutality. He added that the world must continue to stand with Ukraine ahead of this week’s NATO summit, where the ongoing war will be a main topic of discussion.

PM Modi Applauds India’s Innovation Ecosystem During Russia Visit

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Moscow [Russia], July 9 (ANI): During his first state visit to Russia after taking charge for the third straight time on Tuesday, Prime Minister Narendra Modi applauded the emerging business and innovation ecosystem in India while interacting with the Indian community in Moscow.

Mentioning India’s contribution to the field of digital payments, he said that India has given the most reliable model of digital payments to the world.

Today India is the country which is giving the most reliable model of digital payments to the world, the PM said.

When I first came into power in 2014, the number of startups was in the hundreds but the number has increased to lakhs. Today India is the third largest startup ecosystem in the world, in the year 2014 there used to be only hundreds of startups but today there are millions, he added.

PM Modi said that India is home to lakhs and lakhs of startups adding that India is the world’s 3rd largest start-up ecosystem today.

Highlighting the environment of innovation in the country, PM Modi said, Today India is filing for patents and publishing research papers in record numbers which shows the power of youth.

PM Modi while highlighting his government’s capability said that India has doubled the number of airports in just 10 years.

Emphasising the development of the railways, he said that the government has electrified more than 40,000 kilometres.

Hailing the trade relations between both countries, PM said, Two years ago, the first commercial consignment also reached here from the North-South Transport Corridor…Now we are also working on Chennai-Vladivostok Eastern Maritime Corridor. Both our countries are discovering each other through Ganga Volga dialogue and civilization.

Today when India builds the world’s tallest railway bridge, world’s tallest statue, the world says, India is changing and how is India changing because India trusts the support of its 140 crore citizens, trusts the support of Indians spread across the world. Because 140 crore Indians now want to fulfil the dream of making India a developed country by taking a resolution. Today my Indian brothers and sisters who live in different parts of the world are proud of the achievements of your motherland…I just want to ask you, has the world’s perspective towards you changed or not? Today 140 crore Indians believe in solving the problems that have been going on for decades, PM Modi said. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)

Supreme Court of India Denies Reconsideration of Same-Sex Marriage Ban

On Tuesday, the Supreme Court of India declined requests for an open court hearing to reconsider its previous decision denying legal recognition to same-sex marriages. In October of the previous year, a five-judge constitution bench led by Chief Justice D Y Chandrachud ruled against providing legal backing for same-sex marriage, stating that marriage rights were reserved for those recognized by law.

The apex court, however, emphasized the need to protect the rights of queer individuals, ensuring they do not face discrimination when accessing goods and services. Measures such as safe houses, known as ‘Garima Greh’, and dedicated hotline numbers were proposed to support community members facing harassment and violence.

The review pleas will be considered in chambers on July 10 by a five-judge bench, which includes the CJI and Justices Sanjiv Khanna, Hima Kohli, B V Nagarathna, and P S Narasimha. Senior advocates Abhishek Singhvi and NK Kaul had requested an open court review, but this was denied as per judicial practice.

Prince Harry’s Legacy on Invictus Gets Scrutiny: Pat Tillman Award Debate, UK

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Prince Harry’s Reaction to Pat Tillman Award Backlash is Revealed | FOX Sports Radio

Harry’s legacy on Invictus, the things he has achieved, that’s his real passion, the source said, claiming the scrutiny was a bitter pill to swallow for Harry and his wife, Meghan Markle, both of whom have received criticism following their decision to step away from their royal duties.

This is the space in which he truly feels at home, it is something he deeply cares about. The reaction certainly took the shine off the award, the source said.

The Pat Tillman Award, which was created in 2014, is given to a person with a strong connection to sports who has served others in a way that echoes the legacy of the former NFL player and U.S. Army Ranger, Pat Tillman, according to ESPN. Prince Harry, who served 10 years in the British Army, including two tours in Afghanistan as a helicopter pilot, is credited for his role in launching the Invictus Games, a multi-sport, Paralympic-styled games for wounded and injured veterans in 2014.

Tillman’s mother, Mary, publicly slammed ESPN’s decision while speaking to the Daily Mail last month.

I am shocked as to why they would select such a controversial and divisive individual to receive the award, she said. There are recipients that are far more fitting. There are individuals working in the veteran community that are doing tremendous things to assist veterans.

Former NFL punter and ESPN talk show host Pat McAfee, who has openly expressed his frustration with the network’s decisions multiple times since signing a lucrative contract in 2023, claimed that ESPN was trying to piss people off by having Prince Harry as the award winner.

High Demand for Generators in Hurricane Beryl Aftermath, Jamaica

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As a result of ongoing power outages in the aftermath of Hurricane Beryl, generators, both new and used, are in high demand across southern parishes in Jamaica. Many households are still without electricity, prompting a surge in the need for generators to provide essential power. Calbert Powell, owner of Mercal Electrical in Mandeville, reports a significant increase in the repair and purchase of generators, with a high volume of units coming from various parishes, including Clarendon, St Elizabeth, Manchester, and St Ann. The demand is so intense that even residents in less affected areas like Kingston are selling their generators to meet the growing need. Powell stresses the importance of caution when using generators, especially due to recent cases of carbon monoxide poisoning. He also encourages the adoption of renewable energy solutions as a more sustainable option. Despite preparations for the hurricane, many Jamaicans are taken aback by the prolonged effects and delays in power restoration, leading to a heightened reliance on generators. In light of safety concerns, Powell emphasizes the proper usage and maintenance of generators to avoid potential hazards.